Daily pivot point= average of yesterday's high, low, and close. Failure to penetrate decisively at yesterday's high suggests test/touch of daily pivot; Failure to penetrate yesterday's low suggest test/touch of daily pivot; If pivot serves as support, target yesterday's high; If pivot serves as resistance, target yesterday's low.
A failure at the previous day's high suggest a chance that the previous day's low will be targeted (not necessarily touched, but targeted); If R1 fails, then S1 is probable. If S1 fails, then R1 is probable. Enough already. I'm supposed to be on vacation.
Thanks. Good stuff. Before you go away: "Failure to penetrate decisively" and "if it fails" These are subjective terms; how would you determine the above? Traders use different methods: if a fast avg crosses above or below; if this bar's high or low is above or below, or high/low of bar on a slower timeframe, e.g. 15m or hourly... or if lowest low or highest high of X bar range is below or above level etc, or simply if close of bar is above or below level.
I use the 1 min chart price action and its clear as day. What do you see on the 1min between yesterdays HOD and todayâs attempt ?
I'm looking to short 930-932 ES and 1267-1270 NQ with small stops tonight or tomorrow... gunning for pretty sizable targets (30 ES points). Its not in a zone I had in mind, but the PA is weak so its worth a shot.
I am looking for a short at a few points higher - ES 1235/1240 Don't know if it will get to that now, it could be that the high is on for this rally.